Research1 has shone a spotlight on the financial challenges that prevent women from accumulating the same wealth as their male counterparts.
The report found that having children continues to have a disproportionately large impact on women’s finances, as do other life events such as the menopause.
The findings
Amongst the report’s findings were the following statistics:
- A quarter of women continue paying into their pension at the same rate during parental leave, vs 70% of men
- Caring responsibilities (outside of childcare) have financially impacted nearly half of women
- One in 20 menopausal women have quit work due to their symptoms
- Only 55% of women return to work full time after their first child, compared to 90% of men.
Of course, no two women are the same and each will face different challenges on her journey to financial wellbeing. However, these statistics show that there are common threads here. Women continue to take the lion’s share of caring responsibilities, taking them out of the workplace and reducing their financial security not only in the present, but as they approach retirement as well.
Let’s do something about it – together
Despite the financial challenges women face, they remain less likely than men to seek professional financial advice2. As we move into 2024, make a New Year’s resolution – let this be the year that you empower yourself to succeed and get your finances on track for a prosperous future.
1AJ Bell, 2023
2Canada Life, 2022
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
